Personal Finance and Investing

progree

(10,893 posts)

8. I don't think putting someone on a will ever has any tax effect at the time

Reply to PoindexterOglethorpe (Reply #7)

Sun Nov 12, 2017, 07:30 PM

Nov 2017

nor would filing a transfer on death deed. That's because ownership is not currently changed when these action(s) are taken -- the current owner remains the owner throughout his/her life (or until the owner sells it or whatever).

On the owners' death, then there are the tax implications, but its just an inheritance, so there's a step up in basis to the fair market value at the time of the owner's death.

A quit claim deed is different -- it is a transfer from someone to someone else as soon as it is filed.

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Tax question [View all] russ1943 Nov 2017 OP

Probably the right group. elleng Nov 2017 #1

I believe her basis is the amount the condo was worth at the time of Gertie's death Angry Dragon Nov 2017 #2

We'd like that. russ1943 Nov 2017 #3

Straight from the horses (The IRS) mouth; A HERETIC I AM Nov 2017 #4

Dunno, but it's not a simple inheritance. A quit claim deed is a transfer of ownership while progree Nov 2017 #5

Here's another: quit claim deed vs. transfer on death deed progree Nov 2017 #6

I'm pretty sure that PoindexterOglethorpe Nov 2017 #7

I don't think putting someone on a will ever has any tax effect at the time progree Nov 2017 #8

If the houses passes in a will, PoindexterOglethorpe Nov 2017 #9

My sister inherited a house, and the basis was the FMV at day of death progree Nov 2017 #10

Right. You inherited in a will. PoindexterOglethorpe Nov 2017 #11